MARKET OVERVIEW

Q2 2023

It has been about a year since the real estate market began shifting locally. A major question on many people’smindsis–Arepricescomingdown?Basedon theyear-over-yearfiguresthereisn’tanyclearevidence ofdepreciation.Infact,theoverallaveragesaleprice continued to increase, up 24% from a year earlier. Despitethisaveragepriceincrease,theoverallmarket continues to experience challenges as many buyers waitonthesidelinesfora“gooddeal”andothershave been sidelined by affordability issues. The overall number of transactions dropped 14% even though buyers have a nice boost of available properties to choosefromwith30%higherinventorycomparedto last year. Properties are staying on the market an average of 193 days which is up 53%. Could a combination of higher inventory, fewer sales, and longermarketingtimesforcepricesdown?

ALTHOUGH TRANSACTIONS ARE DOWN AND INVENTORY IS STARTING TO INCREASE, WE’RE STILL SEEING INCREDIBLE ACTIVITY FROM BUYERS WAITING FOR THE RIGHT OPPORTUNITY. THEY ARE OUT LOOKING AND PAYING ATTENTION TO THE MARKET AND WILL BE READY TO JUMP WHEN THEY FIND A GOOD PROPERTY PRICED APPROPRIATELY. I SEE THIS AS GREAT NEWS.

14% 24% Average Sale Price $4,133,679*

30% Active Listings 228

10% Total Dollar Volume $686,397,385